EARNINGS: Tower Resources loss narrows; legal costs weigh on Tanfield
The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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Rockfire Resources PLC - London-based mining firm targeting metals and critical minerals, with assets in Australia as well as Greece - Pretax loss mounts to £1.3 million in the six months ended June 30 from £536,087 the year prior. The loss reflects higher expenditure during the period, including increased activity associated with drilling and project development activities. Interest income totals £196,000 versus nil the year before. Rockfire says it is actively pursuing the development of the Molaoi zinc/germanium/silver/lead deposit in Greece. A transition from the inferred JORC category to the Indicated JORC category of resource remains in progress. Several factors have resulted in this process taking longer than expected, including extensively broken ground conditions, a scarcity of experienced drillers and a shortage of available drilling rigs throughout Europe. Rockfire says it is addressing these issues by acquiring its own drilling rig to provide the company with improved productivity from the drilling schedule. Drilling to upgrade the resource and to increase the resource to the north is expected to continue until at least the end of the 2026 calendar year.
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Firering Strategic Minerals PLC - Zambia and Ivory Coast-focused mining company - Pretax loss narrows to EUR788,000 in the six months ended June 30 from EUR1.0 million the year prior. "The first half of 2026, together with progress since the period end, has seen Firering continue its transition towards becoming a revenue-generating industrial minerals business. Having increased our interest in Limeco to 45%, our focus has been on building production and increasing our product range at the operation in Zambia. While progress in some areas has taken longer than anticipated, we have continued to work through these issues and move the operation forward," company says. Looking ahead, Firering says the priority is to continue building production at Limeco while improving the consistency and efficiency of the operation. "There remains work to do to achieve the levels of production and quality we are targeting, but Limeco is making steady progress, and we expect this to continue as further plant upgrades are completed," it says.
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Tanfield Group PLC - passive investing company with 49% interest in producer of self-propelled, towable and push-around aerial lifts Snorkel International - Pretax loss stretches to £661,000 in the six months ended June 30 from £540,000 the year prior. Revenue is nil, unchanged. Basic & diluted loss per share is 0.41 pence versus 0.33p. Tanfield says its largest expense is the ongoing legal and professional fees relating to a dispute to Don Ahern's Snorkel. The litigation involves Tanfield's 49% shareholding in Snorkel International. Majority owner Don Ahern claimed a 2018 call option allowed them to acquire Tanfield's remaining 49% stake for zero cost. Tanfield strongly disputed this, arguing that contractual terms mandate the payment of a "preferred interest" plus an additional option price tied to earnings. A US court in Nevada confirmed that Snorkel cannot acquire the stake for nothing and must pay the preferred interest. Tanfield believes it likely that the Nevada Supreme Court will uphold the rulings made by the District Court in the proceedings, and as such continues to believe that the investment in Snorkel International should result in a return of value to shareholders. "The board will continue to vigorously protect its position in the US litigation, whilst continuing to seek advice, and further updates will be provided to shareholders as and when appropriate," it says.
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Orosur Mining Inc - South America-focused minerals explorer and developer - Swings to a net loss of USD6.0 million in the financial year ended May 31 from USD9.9 million the year prior. The prior year was boosted by USD12.9 million income from discontinued operations.
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Tower Resources PLC - Africa-focused oil and gas company - Pretax loss narrows to USD925,892 in the six months ended June 30 from USD1.2 million the year prior. Revenue is nil, unchanged year-on-year. Cash and cash equivalents at June 30 are USD66,583 versus USD35,779 at end 2025. Tower Resources notes it has been forced to raise a significant amount of equity financing during the first eight months of the year, an "unfortunate consequence" of the delay in receiving government approvals. However, it does "believe that with our approvals in hand, we will not be needing further equity financing this year for existing commitments." In addition, company says it is looking at a range of open licenses in West Africa and Southern Africa.
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Chesterfield Resources PLC - copper and gold explorer in Cyprus and Labrador - Swings to a pretax loss from continuing operations of £156,261 in he six months ended June 30 versus a profit of £426,839 the year prior. Administration expenses decline to £162,519 from £434,152 but prior year benefited from £858,608 gain on sale of quoted investments. Revenue is nil, unchanged. Net cash balance as at June 30 was £882,497 compared to £49,055 a year ago. Chesterfield Resources says it continues to evaluate a number of potential transactions. "Consistent with our previously stated approach, the board remains selective and disciplined, and will not commit the company to a transaction where all abort costs would fall on Chesterfield alone. Any transaction must also be realistic and deliverable in full; a number of opportunities reviewed to date have not met this bar and have accordingly not been progressed."
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